BOCA RATON, Fla. - SBA Communications Corporation (NASDAQ:SBAC), a leading owner and operator of wireless communications infrastructure, today announced key executive leadership transitions set to take place later this year. Jason Silberstein, the current Executive Vice President of Site Leasing, will retire on August 1, 2024, after a distinguished 30-year career with the company. Donald Day, who has been with SBA for 13 years and currently serves as Senior Vice President, Services, will succeed Silberstein. Nichole Thomas, presently the Vice President of Site Development Services, will step into Day's former role.
Brendan Cavanagh, President and CEO of SBA Communications, expressed gratitude for Silberstein's contributions saying, "On behalf of our Board of Directors and all of our team members, I want to congratulate Jason on his tremendous 30-year career with SBA and extend the deepest appreciation for all his contributions to our growth and success. Jason™s leadership and industry expertise were critical in growing SBA into the organization we are today."
Cavanagh also congratulated Day and Thomas on their new positions, praising their industry respect and proven leadership capabilities. He emphasized that the company's thorough leadership succession planning ensures a smooth transition and continued growth, customer service, and value creation.
Day has been instrumental in overseeing SBA's services operations in the United States since May 2018 and was previously a Vice President at General Dynamics (NYSE:GD), managing wireless deployment teams. Thomas joined SBA in June 2023 and has over 25 years of experience in the telecommunications industry, with previous roles at DISH, Ericsson (BS:ERICAs), and Sprint, where she has led large-scale deployment efforts.
SBA Communications operates more than 39,000 communication sites across the Americas, Africa, and Asia and is part of the S&P 500 as a top market cap Real Estate Investment Trust (REIT).
This announcement is based on a press release statement.
InvestingPro Insights
As SBA Communications Corporation (NASDAQ:SBAC) gears up for a leadership transition, investors and analysts are closely watching the company's performance metrics and market position. With a solid market capitalization of 24.91 billion USD, SBA Communications stands as a prominent player in the specialized REITs industry. The company's commitment to growth and value creation is underscored by its consistent dividend increases over the past five years, a testament to its financial health and management's confidence in its business model.
InvestingPro Tips reveal that SBA Communications has a perfect Piotroski Score of 9, indicating strong financial health, and analysts predict the company will remain profitable this year, with profitability already demonstrated over the last twelve months. However, potential investors should note that the company is trading at a high earnings multiple, with a P/E Ratio of 50.31 and an adjusted P/E Ratio for the last twelve months as of Q3 2023 of 42.83. This suggests that the stock may be priced optimistically relative to near-term earnings growth, as reflected by a PEG Ratio of 2.17 for the same period.
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